3M Company (NYSE:MMM) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of 3M Company (NYSE:MMM) have been assigned a consensus rating of “Moderate Buy” from the thirteen research firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $155.83.

A number of research analysts recently commented on MMM shares. Citigroup raised their price target on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Royal Bank Of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Barclays lifted their target price on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. lifted their target price on 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th.

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On 3M

Several institutional investors have recently added to or reduced their stakes in MMM. Proficio Capital Partners LLC acquired a new position in 3M in the fourth quarter valued at approximately $26,000. REAP Financial Group LLC raised its position in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M during the fourth quarter worth approximately $27,000. Pinney & Scofield Inc. acquired a new position in shares of 3M during the fourth quarter worth approximately $28,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of 3M during the first quarter worth approximately $28,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Down 2.0%

MMM opened at $142.18 on Wednesday. 3M has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The company has a market capitalization of $76.52 billion, a P/E ratio of 17.95, a P/E/G ratio of 3.01 and a beta of 1.03. The stock has a fifty day moving average of $142.68 and a 200-day moving average of $141.98.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. On average, equities analysts expect that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.05%. 3M’s dividend payout ratio (DPR) is currently 36.87%.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.